The global digital map market is anticipated to grow at a CAGR of 14.3% during the forecast period. Digital mapping is the process of collecting and compiling different forms of data into a virtual image. The collated data is used to create digital maps that present a certain geographical area or features, such as rivers, roads, and notable landmarks that includes hospitals and airports. Digital mapping technology can also be used to calculate the distance between different places. The major factor driving the growth of the digital map market during the forecast is the increasing expenditure on the adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) coupled with the changing landscape of customer intelligence. Various software companies are focusing on developing technology integrated digital map solutions. For instance, in January 2020, Qatar Computing Research Institute (QCRI) and MIT invented a model that uses satellite imagery to tag road features in digital maps by using AI technology to improve GPS navigation. Additionally, the proliferation of customer channels is another factor anticipated to drive the adoption of digital map technologies and services which in turn will drive the growth of the market.
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The growth of the market can also be attributed due to the increasing adoption of mobile computing devices. As smartphones are getting more technologically advanced which has pushed users to use mapping applications for navigation and driving assistance. Mapping applications used in combination with Geographic Information System (GIS) and GPS applications enables user to access geo-referenced data to search nearby restaurants, cinema halls, and other landmarks.
Impact of COVID-19 Pandemic on Global Digital Map Market
The COVID-19 pandemic had impacted the global digital map market to a great extent. As of May 2020, 212 countries had been impacted by the pandemic, and the governments of these countries had ordered nationwide lockdowns due to which people were forced to stay in their homes which impacted the industries including travel and transportation, which in turn impacted the digital maps market. Additionally, the operations of several industries were put to a halt such as automotive, buildings, and construction, among others, which has declined the use and demand of the digital maps market across the globe.
Segmental Outlook
The global digital map market is segmented based on type, component, application, and vertical. Based on the type, the market is sub-segmented into outdoor mapping and indoor mapping. Based on the components, the market is sub-segmented into solutions and services. Based on the application, the market is sub-segmented into real-time location data management, geocoding and geo-positioning, routing and navigation, asset tracking, and others. Further, based on the vertical, the market is sub-segmented into energy & utilities, automotive, oil & gas, building & construction, government, travel & transportation, and others.
Market Players Outlook
The major companies serving the global digital map market include Apple Inc., Google LLC, Here Technologies, MapQuest, Nearmap, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, partnerships and collaborations, and geographical expansion, to stay competitive in the market. For instance, in June 2021, Inpixon launched Inpixon Asset Tag to manage, transportable chambers, medical instruments, repair field machinery, confidential products, devices, automobiles, bots, and other elevated objects that require tracing.
The Report Covers
Market value data analysis of 2021 and forecast to 2028.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global digital map market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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